By Scott Wright
A SCOTTISH hotel group which has been providing its rooms free to frontline NHS staff during the coronavirus pandemic has landed a major funding deal to support it through the crisis.
Manorview Hotels & Leisure Group, which owns a string of venues including the Busby Hotel and Boclair House Hotel in Bearsden, has secured a £3.25 million, five-year loan from Barclays to help steer it through the lockdown period.
The finance is in addition to a £2.85m loan it was advanced by the bank earlier this year to refurbish of the Redhurst Hotel in Giffnock.
Manorview suspended trading at all of its venues on March 18, several days before the government-imposed lockdown, and said then that it would be making no redundancies as a result of the crisis. At that stage the company, which employs more than 550 people, said all staff, including directors, would receive 50 per cent of their average weekly earnings until further notice. A proportion of the team have since moved on to furlough under the Coronavirus Job Retention Scheme.
The fresh loan from Barclays is designed to offer tailored support through the lockdown. It is said to feature an extended repayment profile to provide more flexibility and free up funds for cash flow and reinvestment into the business.
Manorview’s Bowfield Hotel & Country Club in Howwood, Busby Hotel in Clarkston, Torrance Hotel in East Kilbride and Lynnhurst Hotel in Johnstone are currently accommodating NHS workers and acute service teams on the frontline at no cost.
Managing director David Tracey: “Over the years we have built up a strong relationship with Barclays which is based on a mutual trust. As is the case with many businesses, Covid-19 hit our industry hard. To safeguard our company and the jobs of our team, we had to move fast.
“We are grateful for the quick engagement and support of Barclays which expedited our decision making and has enabled us to plan for the future.”
Gordon McKean, relationship director at Barclays Corporate Banking in Scotland, said: “In addition to the government-backed business interruption loan schemes there are a number of ways Barclays is supporting businesses through the pandemic.
“In this case, we were able to quickly put together a tailored solution for Manorview which best fitted the group’s needs.”
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